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Sensex Plunges Over 500 Points, Nifty Slides Below 15,550

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Tata Motors, M-M, ICICI Bank, SBI and IndusInd Bank have actually lost 1-2 per cent each on BSEThe domestic stock exchange opened weak, with the BSE Sensex plunging more than 500 points or 1 percent, on the back of unfavorable international hints.

Asian markets are selling the red throughout the board after remarks by Federal Reserve on rate of interest spooked Wall Street over the weekend.

Federal Reserve official James Bullard had actually stated the U.S.

central bank may raise rate of interest faster than previously expected.At 9:20 am, the BSE Sensex was trading at 51,981.75, lower by 380.55 points or 0.76 percent and the NSE Nifty was at 15,574.45, down 112 points or 0.70 per cent.

All the BSE sectoral indices were selling the red, with the financial and automobile indices taking the most hit.In the wider markets, the BSE Midcap index and BSE Smallcap index were trading lower by 0.7 percent and 0.3 percent respectively.Asian stocks dropped on Monday as investors mulled the ramifications of a surprise hawkish shift last week by the U.S.

Federal Reserve, while the Treasury yield curve flattened further with 30-year yields dropping below 2 per cent.Japan's Nikkei led decreases with a 3.3 percent drop and dipped listed below 28,000 for the first time in a month, while MSCI's broadest index of Asia-Pacific shares outside Japan fell 1 percent in early trading.US stocks ended sharply lower on Friday, with the Dow and S-P 500 publishing their worst weekly performances in months, in wake of the Federal Reserve authorities's comments.

The Dow Jones fell 1.58 per cent, the S-P 500 lost 1.31 per cent and Nasdaq Composite dropped 0.92 per cent,.

In corporate profits, Oil India, Bharat Dynamics, Information Edge and Jaiprakash Associates will declare their Q4 numbers throughout the day.Auto and financial stocks are receiving a hammering in early trading.

In the vehicle space, In the car space, Tata Motors and M-M have shed over 2 per cent each on the BSE.

And in the financial space, ICICI Bank, SBI and IndusInd Bank have lost more than 1 per cent each.Among stocks in the news, PNB Real estate Finance fell 5 percent to hit its lower circuit after SEBI asked the business to postpone a share allotment to a clutch of investors led by private equity firm Carlyle Group.Centrum Capital got more than 16 percent after RBI approved the takeover by the business's system of the distressed Punjab and Maharashtra Co-operative Bank.The BSE market breadth is weak.

Out of 2,691 stocks traded on the BSE, there are 1,485 decreasing stocks as versus 1,104 advances.




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